France investigating Binance for money laundering as Netherlands bans exchange
Binance, the largest cryptocurrency exchange, is under investigation by the Paris Prosecutor’s Office for possible unlawful consumer solicitation and aggravated money laundering.
According to a report in the French newspaper Le Monde on Friday, June 16, Binance has decided to leave the Netherlands after failing to obtain a licence proving that the company complies with the country’s anti-money laundering (AML) rules.
The exchange also applied to have its registration with Cyprus’ securities regulator cancelled, stating a desire to focus instead “on fewer regulated entities in the EU.”
“We won’t say anything about the details of law enforcement or regulatory investigations, but we will say that information about our users is kept safely and is only given to government officials when they have a good reason.”
The United States Securities and Exchange Commission (SEC) allegedly began investigating Binance on June 5 after a judge ruled against the firm and accused it of breaking securities laws.
In November 2021, France requested that Binance prioritise AML compliance before entering its market. It was unclear whether this accusation led French prosecutors to launch an initial investigation.